Younan Properties Successfully Completes Largest Sales Transaction in Dallas in 2011; Company Sells Energy Square Portfolio to Long Wharf Real Estate Partners
Younan Properties, one of nation's leading, private Class A office building owners and managers announced the sale of Energy Square, a three-building office complex in Dallas.
DALLAS, November 21, 2011 --- Younan Properties, Inc., a fully-integrated, national real estate owner and manager of Class A office buildings in five major U.S. office markets announced it has completed the sale of Energy Square, a three-building Class "A" office complex located in the North Central Expressway submarket of Dallas. The properties were acquired by Champion and Lincoln Property Company in a joint venture with Long Wharf Real Estate Partners. Together, the buying group acquired the 953,622 square foot office portfolio that has an average occupancy of 82%.
According to Zaya S. Younan, Chairman and CEO of Younan Properties, this sale is another successful example of executing the company's strategic plan. "The portfolio sale is simply a continuation of our strategic plan to sell selected, high performing assets that generate positive equity, further strengthen the company's balance sheet and position us for future acquisitions consistent with our strategic capital plan."
"These assets were sold above our purchase price and below a 7.5 cap rate, which is indicative of the asset quality of Energy Square, our ability to maintain occupancy throughout this recession and is further confirmation of the increasing interest by institutional buyers in Dallas, which continues to outpace the nation in employment growth and positive absorption," Younan added.
Jones Lang LaSalle's Capital Markets team of Evan Stone, Jack Crews and John Alvarado represented Younan in the sales transaction. Managing Director Evan Stone noted that the Energy sale is the largest transaction to close in 2011 in the Metroplex. "Despite the ongoing challenges occurring in the credit markets, the sale of Energy Square represents the largest transaction completed year to date in this market and proves there continues to be strong demand for high quality, well-located assets in resilient markets like Dallas and the Southwest. We appreciated working with Younan Properties on this transaction. To complete this kind of sale in such a challenging market speaks to the quality of the asset and Younan's ability to add value."
Energy Square is one of the most high-profile office complexes in North Dallas and holds an impressive and highly visible position along the North Central Expressway. Totaling approximately 953,622 square feet in three office towers, Energy Square offers an amenity rich, pedestrian-friendly urban environment near some of the most exclusive residential neighborhoods in the country including Preston Hollow and Highland Park. Energy Square’s tenant roster includes the headquarters of Davaco, Homecare Homebase, Reeder Energy and Hartline Dacus Dreyer as well as regional offices for New York Life and Jacobs Engineering.
About Younan Properties
Younan Properties, Inc., is a privately-held real estate investment and management company, specializing in acquiring Class A office properties in high-growth markets throughout the United States including Dallas, Houston, Chicago, Los Angeles and Phoenix. Known for its detailed, hands-on approach to improving operational efficiencies while maintaining top building standards for tenants, Younan's current portfolio consists of 26 office properties with more than 8.0 million square feet of rentable space. Younan is a full-service real estate investment company with in-house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. For more information, visit www.younanproperties.com
Contact: Denise Davis